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The 1997 SPE/WPC definitions [6] quoted above evolved over many years through the efforts of several organizations. The Soc. of Petroleum Evaluation Engineers (SPEE) contributed significantly to the 1981 and 1987 SPE Petroleum Reserves definitions. [8] [9] The 1981 definitions refer only to proved reserves; the 1987 definitions introduce the concept of unproved reserves and the subclassifications of probable and possible reserves.

The 1997 SPE/WPC definitions recognize both the deterministic and probabilistic methods and establish relative standards for each. The SPE and the WPC continue to work together to improve these definitions in light of several unresolved ambiguities. Such ambiguities include reconciliation of the terms "reasonable certainty" and "at least a 90% probability" used to describe proved reserves. For deterministic estimates, quantities for each of the three reserves categories of proved, probable, and possible are estimated, and the evaluator is cautioned not to add these quantities together because of the differing degrees of uncertainty associated with each. Conversely, the probabilistic approach requires the addition of "proved plus probable" or "proved plus probable plus possible" categories to comply with the stated numerical levels of uncertainty. Further, definitions place certain specified limitations on the "lowest known occurrence of hydrocarbons," average prices, and conformance to regulatory well spacing (where applicable), thus reducing the variables that are subject to classic probabilistic reserves assessment.

* Definitions here are quoted from SPE/WPC Petroleum Reserves Definitions [6] . Cronquist [3] has provided comments regarding interpretation of some of the terms used in these definitions. New definitions were approved in 2007.

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